You are here

Alibaba's Ant Financial to take 25% stake in One97

Thursday, February 5, 2015 - 17:03

Ant Financial, an affiliate of China's Alibaba Group Holding Ltd, will take a 25 per cent stake in India's One97 Communications, which runs the Paytm online payment platform, the companies said in a statement on Thursday.

PHOTO: REUTERS

[SHANGHAI] Ant Financial, an affiliate of China's Alibaba Group Holding Ltd, will take a 25 per cent stake in India's One97 Communications, which runs the Paytm online payment platform, the companies said in a statement on Thursday.

The deal represented Ant Financial Services' first investment into an Indian company, the statement said. Ant, which runs the Alipay online payment platform, will provide Paytm "with strategic and technical support for its business", it said.